Gov. Jerry Brown Proves Me Right on Public Pensions

As part of a year-long national campaign promoting my book California Dreaming: Lessons on How to Resolve America’s Public Pension Crisis, I’ve been saying that it’s impossible to have both public governance of defined-benefit public pension plans and responsible management of these plans. Politicians face strong perverse incentives to mismanage the plans for their own benefit. Recently, California Gov. Jerry Brown proved me right, once again.
Twice since April 2016, the Brown administration has negotiated new labor contracts—one with the California Correctional Peace Officers Association and another with the California Statewide Law Enforcement Association—that undermine sound management of the pension plans

Read more at The Independent Institute